Highlights of the Barnett Ross Auction on 28th February 2019
Heated bidding in a packed out room saw lots fly at Barnett Ross’ first Auction of 2019.
Total sales were £10.3 million
Lot 19 - 185 Town Road, Edmonton, London N9 0HL – This vacant Freehold mid terraced Factory/Workshop, with potential for development, was offered with a Reserve below £400,000, on behalf of Executors. It eventually sold for £938,000 - over double the Reserve.
Lot 40 – Tally Ho Apartments, 12 Highgate Road, Kentish Town, London NW5 1AS – This Freehold Ground Rent Investment comprising 33 Flats a Supermarket and a Shop producing £5,400 per annum was offered with a Reserve below £130,000. After a phenomenal 197 bids, this Lot was knocked down at almost triple the Reserve for £375,000.
Lot 2 – 277 Wood Lane, Dagenham, Essex RM8 3NH – This Freehold mid terraced building comprising a ground floor shop with a flat above all let on one lease producing £10,680 per annum was offered with a Reserve below £225,000 and sold for £304,000, generating a yield of 3.5%, illustrating the popularity of this location and of shops with uppers which are let on single leases.
Jonathan Ross commented: "There were certainly no Brexit jitters in the Auction Room as investors fought hard to secure a number of popular, sensibly reserved, commercial lots. It is clear that the appetite for the properties that we are offering remains remarkably strong."
The next Barnett Ross Auction will take place on Thursday 16th May 2019.